Artificial Intelligence(AI) Strategy in Marketing
The trends and future scope of Artificial Intelligence in Marketing is the most important thing to know if one wants a career in this field.
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What is Artificial Intelligence?
Artificial intelligence is a vast branch of computer science where software is developed with the ability to work like human brains. It is an interdisciplinary approach that involves Machine Learning and Deep Learning along with the advanced technology where machines can learn, interact, and respond on their own, depending on different situations provided. In this revolutionized era, we have reached a level where development and advancement are pacing vigorously.
It comes with the idea of the great mathematician, Alan Tuning, who came up with the ideology of : Machines Can Think! With his great achievement in the form of a paper, “Computing Machinery And Intelligence” in 1950, he successfully established the concept of Artificial Intelligence for the first time. This was a great achievement.
At the very beginning, the concept came with curiosity and numerous questions: how can a “Machine”, Think like Humans? Act like Humans? Respond like Humans? Take decisions like Humans? To get a visualization of machines replicating how humans behave and interact was difficult as the machines were programmed to perform a specified task only!
Then ideas and concepts began to develop and in 1955 Allen Newell and Herbert A. Simon developed “Logic Theorist”, the first-ever Artificial Intelligence Program. With this, the market began to grow and machines began to think and act like humans. This is the greatest achievement that has enhanced learning and development. There is a wide range of examples of AI, ranging from smart assistants (Siri and Alexa), Prediction tools, Disease mapping, and monitoring to Spam filters, robots, chatbots, and much more!
The main aim of technology and business is to satisfy the customers. All the data preprocessing, data mining, and modeling that we do is to get useful information that would help in the development or betterment of any product that would satisfy the maximum needs of the customers. These various strategies are developed which would help in marketing and would give a detailed analysis of customer requirements and market trends. These procedures are quite important as each step gives us an overview of the path that we should follow further.
Artificial Intelligence in Marketing is a great boon that with Machine Learning has provided us deep insight into the data so that we can analyze the trends and patterns followed by the customers to predict their choices, needs, and their next move. Artificial Intelligence and Big data Analysis has helped companies to work with huge data sets to get proper descriptive and predictive analysis of the data set which they are using. Artificial Intelligence in Marketing has helped the industries to identify the patterns and cause of a certain action that is being repeated and aggregate the data and arrange it in proper segments to work on it efficiently and effectively. Artificial Intelligence provides smart insight into the data by enabling the industries/companies to get the huge data from social media sources like Instagram, Facebook, and data from the Web and make proper clusters of that data to process it properly.
AI makes the machines able to synchronize and understand the data in the same way as humans. It makes searching, analyzing, and processing quite easy, fast, accurate, and reliable. Here, fetching transactional data as well as data from the warehouse is required to make predictive analysis on it from the business and customers’ point of view.
Elements of AI Marketing
Artificial Intelligence has taken the market with appealing inventions like Google’s Driverless cars, Siri, Alexa. iPhone7 and much more! This has led to great advancement and involves wide study and implementation of various elements for a better solution. The key elements are Big Data, Machine Learning, and Deep Learning which provides powerful solutions for market analysis.
Big Data in Marketing
To aggregate the data, form clusters as per their specifications Big Data is used as it provides information about the sales cycle, trends, and much more. With Big Data Analysis we get the points to be considered for Customer relationship Management (CRM) which is one of the crucial points when it comes to marketing. When we enter the marketing sector, we come up with enormous amounts of variable and complex data that needs to be sorted as per customer requirements, services, available sources, and supplier information so that we can make better decisions to increase growth opportunities. It is very essential to follow customers’ footsteps so that we can trace their destination and make their journey smooth.
Machine Learning in Marketing
Then comes the need to study the data to get the trends and patterns followed by the customers based on their requirements and availability. This needs the approach of Machine Learning. To measure performance more effectively and to analyze why some choices are repeating, machine learning is required as it provides insight to the questions related to consumers’ demand, choices, pattern, and behavior. This helps in tracking the growing demands concerning growing technology and new inventions. It is widely used in digital marketing. To get better personalization, pacing customer services, precise control, effective content generation, amazing website design & UI, effective advertising, automated emails, and strong social media connectivity, for all this machine learning provides the best way in the form of digital marketing! Machine learning makes a machine able to make decisions on their own and artificial intelligence adds a pinch of life in the machine by making it able to perform operations like hums, i.e., to think, decide and act!
Deep Learning in Marketing
Once we are done with processing, scaling, and training the data, there comes one major task that is issue solving. For this, we require one of the most important and advanced branches of Artificial Intelligence, i.e., Deep Learning. Users require assistance and their queries need to be resolved to get better customer satisfaction and this is done by creating chatbots using Natural Language Processing (NLP). In marketing, we need to respond to real-time data for better search results and better outputs. Deep Learning helps to optimize and customize our program and also provides various options like spam filtering. It helps in speech recognition, object detection, language translation, and making decisions. Language translation and decision making capability has advanced the marketing field by providing the industries with a wide range of opportunities to increase their field.
All these key elements along with other technologies have enabled the industry to expand its scope and make accurate predictions which would be helpful to increase customer satisfaction and achieve their desired goal.
Challenges of Artificial Intelligence in Marketing
As there is a rise in technological development, there comes the need to cope up with the upcoming challenges. Artificial Intelligence has revolutionized the industry but is in its initial phase and needs to overcome various technological barriers to come into its full effect. The marketing section should be aware of all the challenges and risks associated with the usage of Artificial Intelligence so that it could make appropriate decisions.
For implementing Artificial Intelligence in the Marketing sector, proper and in-depth knowledge of dataset is required along with knowledge of all the technologies used and the way to analyze the output to get the results that the organization is looking for!
It includes various factors that should be in consideration while analyzing the challenges associated with it. These include:
Effective training of quality data – We need to look appropriately for historical data, analyze the trends and patterns, look for customer preferences, and ensure that we have quality data for processing. If we have noisy data then we need to do its preprocessing before proceeding to further steps. The data should be trained timely with all the possible sample dataset so that it is ready to interpret and analyze the actual data set properly and give accurate output.
Privacy – It is one of the biggest challenges for AI. The program should monitor customer’s activity along with the concern that the private data should remain unaffected. There is a specific set of guidelines that the customer needs to follow and the terms of services should be followed by all.
Adaptability – The program should be adaptable in most or sudden changing situations. Market specialists should keep in mind that the trends and patterns of customers change dramatically with time, so the model should be able to handle such changes in a proper manner.
Deployment Issues – The deployment issues should be navigated within proper time and this requires a specific deployment team to manage such cases.
These are some common challenges faced by Artificial Intelligence in Marketing and each point should be considered properly because each step in marketing requires the good establishment of all previous steps as many fluctuations are going in the market due to varying needs and demands of the customers.
Benefits of AI in Marketing
Due to high insight in data provided by Artificial Intelligence, it became one of the most important and necessary components in marketing. It is now framed as the “Life of Marketing” as the AI market is gaining attention from all the customers as it has improved decision making, query solving, and future prediction. With its wide applications in different sub-sectors of marketing, it has attained a great height.
Marketing & Decision Making – To increase market value, proper decision-making is required which will lead to progress. It is necessary to ensure high performance and increase in value so that we measure our growth.
Content Delivery – As we need to deliver the output to the end-user to satisfy his maximum requirements, we must understand the data properly and feed proper data in the machine so that all further steps go properly. This requires a combination of deep learning, big data, and machine learning so that we understand the requirement and give the required output.
Improved Calculation and Reporting – When we have a massive data set, it becomes difficult to analyze the data, understand the patterns, observe each detail, and draw conclusions. At that time AI provides great support by analyzing the data, its trends, patterns, and properly drafting all possible outcomes with the best decision that we can take for the given situation. It gives amazing visualization by using dashboards so that one can clearly understand the data, output, and shows the most preferred predictive analysis.
Efficient Team Performance – Where humans take days or weeks to analyze the data and draw conclusions from it, AI does the same jobs within a blink! This is the major advantage of Artificial intelligence that data analysis becomes easy and accurate. It saves time and cost of manually interpreting the results. It saves time so that it can be utilized for further steps, thus making the team to work efficiently.
Examples of AI Marketing
Artificial Intelligence has taken the market! It comes with a wide range of applications which are growing day-by-day. To increase customer satisfaction in various fields, AI comes with different innovative ideas that are implemented to give an optimized solution. These applications include:
Chatbots – The most common example which we all have seen on different sites are the chatbots. These are trained with sample data set to answer the queries of the customers. This has made the marketing sector a step towards innovation. They can respond to wide queries of the customers, e.g., medical sites, educational sites, counseling sites, etc. are provided with chatbots to make our journey easy.
Rapid Search Engines – AI and big data have provided us with rapid search engines that make our searches fast and the engine provides us recommendations based on our search keywords, thus m=enabling us to get the result faster. Google trends also show the trends and patterns of searches, enabling us to look at a broad field.
Digital Marketing – This comes with auto-generated emails, spam filters, smart ads, and much more. This has made marketing quick, accurate, effective, time saving, and efficient. This is one of the major fields that has revolutionized the marketing field, increased customer satisfaction by determining the paths that the customer would follow. The trends and patterns are observed and evaluated carefully.
Advertising – It is necessary to advertise your product in the market and this should be done in such a manner that most of the customers are attracted to your products, e.g., Alexa has the proper functioning that a user requires and the user trends show that they are quite satisfied by the product, same is the case with Siri.
Predict the behavior & performance – This is the most important thing that AI is known for, i.e., the ability of the machines to predict the behavior and performance of the provided data set to provide accurate predictive action to be taken.
Sales Forecasting – It uses historical data, analyses it, and observes the pattern and trends associated with it for sales forecasting. In a business, it determines the possible outcomes for the future, and in this way, the company can determine the techniques to increase or maintain its sales.
Speech Recognition – One of the most interesting applications of AI. With the speech recognition feature, the market has gained an upward trend in its progress graph, the sales of Siri and Alexa are proof of the same.
Content Generation – We have dynamic email generation software that allows us to generate dynamic replies to various mails and they have proved to be a boon for marketing. They are quite reliable and time-saving software and are widely used. Apart from emails, dynamic report generators are also there which makes drafting quite easy. In this way, marketing can be done effectively, with less amount of time, and is cheap.
Product Recommendations – This feature can be seen in various sites mostly when it comes to shopping like Myntra, Amazon, Flipkart, etc. which use such features to recommend users various products according to their search. YouTube, Instagram, Facebook, Twitter, etc. are the biggest examples for the same. Your feed will be filled with the recommended options depending on your search results. It will also suggest you follow the contacts if you share some mutual contacts with them. This is the most amazing feature which is adaptive and shows proper results with changing time.
Trends in AI Marketing
AI Marketing is reaching each doorstep with amazing innovations and products. It comes with a great rise in graphs for real-time interactions, voice assistance, automation in advertising, etc. which has resulted in better customer satisfaction, better customer retention due to valuable insights, and improved customer services. This results in the growth and progress of markets.
In 2020, AI Marketing is growing at a higher pace with all the above-mentioned features. It will be growing twice than now with the coming year and will be a great boon!
Future of AI Marketing
After overcoming all the limitations that AI is facing right now, this will be the most effective and efficient part of technology in all respects. With innovative ideas from the young and bright minds, we have a wide variety of opportunities in this sector where everything will be digitized and accurate. In this way, the marketing will be quite amazing and appealing!
The time is near when everything will be just a blink away! The technology will rise to its maximum heights and the customers will get the best possible outcome. This is the main motive of Artificial intelligence when machines will learn to think exactly like humans. Trying to analyze things from different perspectives and coming with the most preferred outcome to satisfy maximum users!
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Well……thanks to this blog, I got to learn this much about “AI”. I always wanted to learn about this topic and finally found it….Great Efforts
Amazing content. Well description and to the point.